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First half gains wiped out
Wed, 4 Mar 03:30 pm

BSE-Sensex and NSE-Nifty eroded as much as 1.2% of the gains and is now trading in the red. Both the indices have fallen 0.7% each. BSE Sensex has fallen over 200 points, down 0.72%, while NSE Nifty is in red by 0.9% or 78 points. Selling pressure is prominent on BSE Mid Cap and BSE Small Cap indices. The midcap and smallcap companies are trading in the red with 1% losses each. Indian rupee is trading with a gain of 0.09, breaching the Rs 62 level. Both the precious metals, gold and silver, are trading in the red. Gold has fallen marginally by Rs 23 and is trading at Rs 26,450 per 10 grams; silver price has fallen by 0.20% to Rs 36,325 per kilogram. Crude oil price has jumped about 1% and is trading at Rs 3,168 per barrel.

European markets extended the sell-off, which started yesterday. DAX and FTSE have fallen about 0.61% and 0.24%, respectively. Yesterday, the respective indices fell about 1% each. This is the consequent effect of below than expected services PMI numbers. Service PMI across all major European economies came in below expectations.

The second half of the trading session witnessed profit booking. Selling pressure was witnessed in the banking sector and the Information technology sector. However, pharmaceutical sector witnessed robust gains today. Lupin and Glenmark Pharma witnessed gains of about 0.5%. However, Sun Pharma Advanced Research Company emerged as a front runner in gains. Stock of the company gained around 5% as USFDA approved the company's application for ELEPSIA XRTM. This is a medicine which is used on patients with age of 12 years or older suffering from epilepsy.

Further, the second phase of coal auction is set to start today. Metals and mining witnessed maximum profit booking in the second half of the trading session. Sesa Sterlite was the biggest loser among the Nifty 50 pack with a loss of about 4%.

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